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Towne Mall owners working on redevelopment plans

By Ed Richter

Staff Writer

Wednesday, July 09, 2008

MIDDLETOWN — Officials from CBL & Associates Properties Inc. have been in Middletown and southwest Ohio over the past few days as they work on plans for the redevelopment of the Towne Mall.

Bill Murphy, the city's economic development director, said Tuesday, July 8, that he spoke with Stuart Smith, CBL's vice president of planning and redevelopment, twice on Monday and had an e-mail exchange with Alan Lebowitz, CBL's vice president of asset management.

"CBL is still refining its plans for redevelopment," Murphy said. "(Smith) was very impressed with all of the development happening. They are also talking to retailers about coming here."

Murphy said the city also is talking to retailers about locating their facilities here.

"If all goes to plan in the next two to three months, we may be able to talk to retailers about some opportunities," Murphy said. He declined to elaborate on the specifics of those opportunities.

Murphy said the city needs to work with CBL — which owns the mall — on its timelines.

"The city will consider any proposals and will evaluate possible incentives for CBL," he said. "CBL said they're as anxious as we are to share positive news with everyone."

Katie Reinsmidt, director of corporate communications and investor relations, recently said the company continues to work on redevelopment plans, which she likened to working on a puzzle to see how pieces fit.

Murphy said the CBL officials are in southwest Ohio to work with their management team as they pursue potential tennants.

On a related note, Murphy said Joe Murdock is serving as the mall's manager. He also is general manager of the Eastgate Mall and Eastgate Crossing in Clermont County.

Former manager Rachel Olszewski has taken a new job out of state with another company, according to Murphy.

City officials have been awaiting word from Chattanooga, Tenn.-based CBL since May after the developer said they would have a new plan ready within 30 days for further talks.

During their meeting in May in Las Vegas at an international retail and real estate convention, City Manager Judy Gilleland stressed that renovating the 30-year-old mall was a priority project for Middletown.

CBL proposed a $26 million plan in early 2007 to transform the regional mall into an open-air lifestyle shopping center. That plan fell through when the city and Warren County Commission declined to help CBL pay for remodeling.

Since then, renovation plans and proposed enterprise zone and job creation tax abatements for the project have been placed on indefinite hold.

The 465,451-square-foot mall has been losing merchants during the past year, including one of its three anchor stores, Dillard's, which is in the process of closing.

Contact this reporter at (513) 705-2871 or erichter@coxohio.com.

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